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entrepreneurship
Entrepreneurship Theory Process And Practice 10th Edition Donald F. Kuratko - Solutions
=+1 What is the break-even point for this project? Will the company make money if it manufactures the components? Show your calculations.
=+2 If the project will be profitable, will it provide Dennis with the desired 20 per cent return? Explain.
=+3 Of what value is break-even analysis to Dennis? Be complete in your answer.
=+1 This text purposely emphasises the social and environmental responsibility of entrepreneurial firms. However there is a key issue that is difficult to resolve in that the measurement of social value added is far less tangible to measure than financial value added. In the article by Knife,
=+Entrepreneurship Journal, 20(1), pp. 1–22, they discuss the issues of transparency and the indicators of social value added. Review the article and determine the factors that are important for a social enterprise to track and openly communicate with respect to demonstrating social value added.
=+2 Any entrepreneurial venture is at risk of ‘throwing good money after bad’. That is to say that it is difficult to make the decision to quit the pursuit of an opportunity, and therefore people will continue to invest their time and money into a
=+venture with the hope that at some point it will succeed. This decision to continue, which may be better stated as the lack of a decision to quit, reflects a decision made based upon ‘sunk cost’ or those costs associated with trying that have not yielded a positive return. R. Preston McAfee,
=+costs matter?’ in Economic Inquiry, 48(2), 323–6 have explored the rationality of such decisions. Locate and review the arguments presented in the article and set up a debate within the class with each team debating either the affirmative or negative case of the claim that ‘Sunk costs drive
=+3 Locate the article by Bob O’Hara on ‘Exit planning: Preparing today with tomorrow in mind’, published in Financial
=+Executive (May 2011, p. 65) and discuss why measuring firm performance is important for preparing for an exit strategy.
=+1 To define a sustainable business plan and demonstrate its value
=+2 To describe the benefits of a business plan
=+3 To set forth the viewpoints of those who read a business plan
=+4 To understand the mind-set of your five-minute reader
=+5 To see a complete outline of an effective business plan
=+6 To present some helpful hints for writing an effective business plan
=+7 To highlight points to remember in the presentation of a business plan
=+8 To underline some of the contrarian viewpoints on the importance of a business plan
=+• What is the opportunity?
=+• What gives you special advantages in solving the problem?
=+• What makes you think that the people involved in your company are especially qualified to grow this business?
=+• What is the business model?
=+• What makes it scalable?
=+• How do you know you’ll have customers?
=+• How do you connect to customers?
=+• What is the secret of your expected sales success?
=+• What have you learned from the competition?
=+• What are the risk factors?
=+• How will you make money?
=+• How will you use the funds you raise?
=+• Focus on the consumer pain for which your venture will be the solution. Investors want to know exactly what problem is being solved by your venture. Pinpoint the target of your solution.
=+• Demonstrate the reachable market. Instead of a dramatic potential market, outline the immediate reachable group of customers that will be targeted.
=+• Explain the business model. How this venture is designed to make money is critical to investors. Demonstrating a clear method of getting to the market for sales will indicate a
=+successful beginning to the new venture.
=+• Tout the management team. Every investor wants to know the skills and ability of the
=+venture’s team to deliver and operationalise the concept. Emphasise the experienced people on your team as well as any technical advisers who are on board.
=+• Explain your metrics. Rather than using generic assumptions, such as the famous ‘1% rule’(when someone claims that he or she will simply get 1 per cent of a huge market with no research to back up the claim), highlight the metrics that were used to calculate any revenue projections.
=+• Motivate the audience. The entire purpose of a venture pitch is to move the audience to the next step – another meeting to discuss everything in detail. Therefore, you must remember
=+that enthusiasm is hugely important. The investors must believe that you are excited before they can be excited.
=+• Why you and why now? The final point must answer the daunting questions in the minds of the investors:
=+ Why are you the right venture and why is this the right time for it to be launched?
=+Be confident in yourself and your team. Always demonstrate a timeline to show the speed with which your venture plans to capture a significant market.
=+1 What do you believe the difference is between a ‘regular’ business plan and a ‘sustainable’ business plan?
=+2 What are the different meanings of sustainability in business planning? Is there a preferred definition in the twenty-first century?
=+3 What are the three major viewpoints to be considered when developing a business plan? Describe how they can conflict.
=+4 Describe the five-minute reading process that venture capitalists follow when reading a business plan.
=+5 What are some of the components to consider in the proper packaging of a plan?
=+6 Identify five guidelines that you would like to use when preparing a business plan.
=+7 Which are the top ‘deal-killers’ in Table 16.2 ‘Common business plan phrases – statement versus reality’?
=+10 Pick a company or industry sector that you know. Can you describe which risks in Table 16.4 would apply to it? What other risks can you name?
=+11 Under what circumstances would you suggest simply skipping a business plan, and instead developing a lean canvas?
=+12 Are there any novel or innovative entrepreneurship competitions at your university (see Table 16.1)?
=+13 Outline some of the critical points to capture in an elevator pitch.
=+1 Based on Brigit’s experience, would you still recommend writing a business plan or would you just ‘wing it’?
=+2 What were the secrets of her success without a business plan?
=+1 In addition to financial questions, what other questions is the venture capitalist likely to ask Pedro?
=+2 Would a business plan be of any value to Pedro? Why or why not?
=+3 How would you recommend Pedro get ready for his meeting with the venture capitalist? Be complete in your answer.
=+1 What should Katrina put in the marketing segment? What types of information will she need?
=+2 For the critical-risks assessment segment, what key areas does Katrina have to address? Discuss two of these.
=+3 For the financial segment, what suggestions would you make to Katrina regarding the kinds of information to include? Be as specific as possible.
=+4 Do you think there might be some family dynamics involved?
=+1 How did Julian see the gap in the market to develop the venture initially?
=+2 How does Julian measure performance and success in Just Organic Limited?
=+Is this different to other entrepreneurial ventures? If so, in what ways is this measurement of performance and success different?
=+3 For the company to expand, additional capital would be required. Which source(s) of capital do you think would be most suitable for Just Organic Limited to pursue?
=+4 What possible growth options do you see for Just Organic Limited? Remember that the growth options should be in line with the owners’ green ideals.
=+5 What do you think you would have done if placed in a similar position to Julian when faced with several large-scale earthquakes?
=+6 In this case, you can see how Julian has balanced his environmental ideals along with his entrepreneurial ideas.
=+How easy or difficult do you think it is to have both in a business?
=+Why are there ‘dysfunctional outcomes associated with a kinship’?
=+6 Search (social capital) and (entrepreneurship). Locate Daspit, Joshua J. and Rebecca G. Long, ‘Mitigating moral hazard in entrepreneurial networks: Examining structural and relational social capital in East Africa’, Entrepreneurship: Theory and Practice, November 2014, pp. 1343þ.
=+5 Search (natural capital) under Magazines and read the diverse issues that are covered.
=+and Finance, (ed.) Burton S. Kaliski, 2nd edn vol. 1. Detroit: Macmillan Reference USA, 2007, pp. 289–92. Using your browser, search ‘distinguishing the entrepreneur from the capitalist’.
=+4 Search (factors of production) under Books and read Brun, Michael, ‘Factors of Production’, Encyclopedia of Business
=+Theory and Practice, January 2015, pp. 9þ. What is peer-to-peer lending? Is it the same as crowdfunding?
=+3 Search (crowdfunding) and (entrepreneurs). A great supplement to this chapter is Bruton, Garry et al., ‘New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer-to-peer innovations’, Entrepreneurship:
=+2 Search (carrying capacity) and (planet). Read the fascinating article by Tull, Jim, ‘Abandoning ship Titanistad’, The Futurist, July–August 2014, p. 64. Are there lifeboats on the Titanistad?
=+1 Search (business angel). Read Maxwell, Andrew L. and Moren Levesque, ‘Trustworthiness: A critical ingredient for entrepreneurs seeking investors’, Entrepreneurship: Theory and Practice, September 2014, pp. 1057þ. Within the article, using your browser, search for occurrences of
=+Briefly outline a plan of action he can use to get the financing process started.
=+3 What would you recommend Pacapol do now?
=+2 Of these three approaches, which would be best for Pacapol? Why?
=+What are the risks and benefits of going through the bank?
=+ What would be the benefits of raising the money through ICC?
=+1 What would be the benefits of raising the THB 120 million through a private placement?
=+4 Which form of Islamic finance would you recommend to them?
=+3 If you were advising the Kumars, how would you recommend they seek additional capital? Be complete in your answer.
=+2 Would this venture have any appeal for a venture capitalist? Why or why not?
=+ On what do you base your answer?
=+1 Would a commercial banker be willing to lend money to the Kumars? How much?
=+29 Of all the sources of entrepreneurial capital, which is ideal? Why?
=+28 Look at the sources of natural capital listed in Table 14.11. Which can your business idea not do without?
=+27 What is natural capital and why do you think it has been excluded from consideration as entrepreneurial capital in the past?
=+26 Why would you go to crowd funders to get your business off the ground?
=+25 What is the difference between social lending, halal finance, green investment and ethical investment, if at all?
=+24 Why do some entrepreneurs need micro-credit?
=+What practices are forbidden in Islamic businesses?
=+23 What is the difference between halal and haram?
=+ Which form would you most like to score?
=+22 Which source of Islamic finance is most like venture capital?
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